Longs on Tesla on Commitment of Future Deliveries
Tesla Motor Inc. reported second quarter earnings on Wednesday after the closing bell. The company reported a loss of $1.06 per share with sales coming in at $1.56 billion. The consensus analyst forecast was for a loss of 60 cents a share while the revenue was $1.62 billion.
Nonetheless, Tesla Motors Inc. proved one more time that its stock value is not affected by earnings results. The stock retreated by less than 1 percent in aftermarket trading to $225.60 as investors were reassured that the company can ship roughly 50,000 cars in this year’s second half, which exceeded the estimated average of 48,300, and the company committed to producing 500,000 cars in 2018.
Tesla Motors has been missing on quarterly delivery targets since the start of the year but its production has touched a weekly production rate of 2,000 cars. Chief Executive Officer Elon Musk expressed confidence that the company will hit its sales targets and that the new Model 3 will go on sale next year as its design has been completed.
Buy Stop at 225.60, Take profit at 230.80, Stop loss at 222.05